Traditionally, for keeping track of electronic records or contracts, a centralized database keeps track of all assets, owners, transactions, etc. Digital assets, or data records, such as electronic consumables, tokens, points, currencies, titles, event tickets, vouchers, coupons, etc., often need to be transferable in a peer-to-peer fashion, enabling people to negotiate asset transfer of ownership directly, using a trusted platform that is not controlled by one party. Blockchain, which includes a decentralized and public ledger, provides one solution, but has specific challenges such as a high compute cost and limited storage since many nodes have to store a complete transaction history. Therefore, projects that require massive storage end up requiring centralization, making public blockchain completely unsuitable.